The European Payments Council (EPC) has published its rulebook for Verification of Payee (voP) in response to requirements set out in Instant Payment Regulations (IPR). The guidelines developed in the VoP process specifically point out the role and responsibilities of Payment Service Providers (PSPs) with regard to the delivery of verification services that are dependable and efficient.
At TechnoXander, which is a leading provider of VoP solutions for the payment market, we undertook an analysis of EPC Rulebook to benchmark ourselves. We are proud to announce that we do not only adhere to EPC VoP requirements but go beyond them.
How We Address EPC Verification of Payee (VoP) Guidelines?
Here, we will address the most important requirements from the EPC’s VoP guidelines and explain how we provide the clients with sophisticated and dependable Verification of Payee solution which exceed their expectations.
1. Matching Based on IBAN + Name / IBAN + Identification Code
EPC Requirement:
When a payer can initiate a payment using a combination of IBAN + Identification code, the provider should be able to verify payment using IBAN + Identification Code.
How We Excel:
We offer extensive payee verification options, including IBAN + Name, VAT Number, and Legal Entity Identifier (LEI). This flexibility empowers PSPs to meet verification needs in various payment scenarios, enhancing accuracy and adaptability.
| Verification Method | Our Offering | EPC Requirement |
| IBAN + Name | ✔️ Supported | ✔️ Required |
| IBAN + VAT Number | ✔️ Supported | ✔️ Required |
| IBAN + LEI | ✔️ Supported | ✔️ Required |
Are you maximizing your verification options? By using our flexible solutions, you can enhance compliance across different payment scenarios.
2. Execution Time
EPC Requirement:
The maximum time for a Requesting PSP to receive a VoP response is 5 seconds, with a preference for responses within 1 second.
How We Excel:
Our platform consistently delivers response times of under 1 second. This rapid processing capability not only ensures compliance but also enhances user experience. Speed is crucial for fraud prevention and maintaining smooth operations.
| Response Time | Our Performance | EPC Requirement |
| Under 1 second | ✔️ Achieved | ✔️ Preferred ≤ 1 second |
| Up to 5 seconds | ✔️ Well below | ✔️ Maximum allowed |
3. Use of EPC Directory Service (EDS) for Participation
EPC Requirement:
Participation in the VoP scheme requires utilizing the EPC Directory Service (EDS) for effective communication between PSPs.
How We Excel:
With extensive experience in the UK’s Confirmation of Payee (CoP) scheme, we optimize our management of directory services and caching. Our expertise in the Pay.UK CoP Directory ensures seamless participation in the EPC VoP scheme.
| Directory Service | Our Expertise | EPC Requirement |
| Directory Services for Identification | ✔️ Extensive experience | ✔️ Required |
| Caching of Directory | ✔️ Proven methods | ✔️ Required |
| To identify the responder | ✔️ Live | ✔️ Required |
Are you prepared for smooth participation in the VoP scheme? Let us guide you through the intricacies of directory management.
4. 24/7 Availability
EPC Requirement:
Services based on the VoP scheme must be available 24/7, year-round.
How We Excel:
Our solution boasts a 99.99% uptime, powered by zero-touch deployments and advanced automation. This reliability ensures your VoP service remains operational at all times, safeguarding uninterrupted customer service.
| Availability | Our Guarantee | EPC Requirement |
| 99.99% uptime | ✔️ Achieved | ✔️ Required 24/7 |
| Downtime | ✔️ None | ✔️ None allowed |
5. Interoperability with Existing Solutions
EPC Requirement:
The VoP system must interoperate with other systems in the EU for seamless verification.
How We Excel:
As a seasoned RVM in the UK’s CoP scheme, we have demonstrated interoperability with various PSPs and aggregators. Our integration expertise extends seamlessly to European banks and PSPs, ensuring efficient verification checks throughout the EU.
| Interoperability | Our Capability | EPC Requirement |
| Seamless Integration | ✔️ Proven track record | ✔️ Required |
| Compatibility | ✔️ Across platforms | ✔️ Required |
6. Instant Matching Results
EPC Requirement:
The Responding PSP must provide the Requesting PSP with instant results—Match, No Match, or Close Match.
How We Excel:
Our advanced name matching algorithm goes beyond basic matching to provide culturally sensitive and accurate results. By considering variations in spelling and naming conventions, we ensure unmatched accuracy in our matching outcomes.
| Matching Results | Our Accuracy | EPC Requirement |
| Instant Results | ✔️ Achieved | ✔️ Required |
| Accuracy | ✔️ High and culturally sensitive | ✔️ Required |
Our Commitment to Compliance and Innovation
Our mission is a commitment to exceed regulatory requirements through cutting-edge technology and expertise. From industry-leading response times to comprehensive matching and resilient, always-on services, we equip our clients with the best tools to combat fraud and ensure payment accuracy.
Are you prepared for the EPC VoP Scheme?
If your organization is looking to implement Verification of Payee and wants a provider with EPC, NPC and PayUk coverage, reach out to us today.
By exceeding these critical standards, we position ourselves as your trusted partner for EPC VoP compliance. Let’s enhance the integrity and reliability of payment verification across Europe together. Discover our VoP product today!
